With all Asian and European markets (except Germany’s DAX) down on Tuesday and the Euro reduced to a 4-year low, U.S. investors shifted easily and resolutely into sell mode early this morning. Within just minutes of opening, the Dow Jones Industrial Average dropped over 90 points below Friday’s close. By 10 AM the Dow had recovered its losses as investors looked past BP’s failed leak stopping measures, HP’s announcement of a 3,000 person job cut and European financial woes and began the short process of buying back many of the shares others had dropped.
But by the end of the day the Dow couldn’t hold on to its midday gains and ended down 112.61 points to close at 10,024.02. Investors ignored the good news of manufacturing’s continued, albeit slowed, growth and the energy sector felt much of the brunt of investor disfavor with Anadarko Petroleum (NYSE: APC) and BP (NYSE: BP) continuing their losing streak. APC took the worst of the losses ending the day with a 19.07% loss but BP was not unscathed with its 14.51% loss. The Nasdaq was down 34.71 points and the S&P 500 was down 18.70 points.
